,,ii  #aae? ,,congress  #a/ ,session    
,s4 #adie  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #bi1 #bjag ,ms4  
,murk[ski 7= h]self & ,mr4 ,sullivan7   
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on ,en]gy
 & ,natural ,res\rces  ,a ,,bill  ,to   
am5d ! ,alaska ,native ,claims          
,settlem5t ,act reg>d+ ! treatm5t (     
fractional %>es ( /ock by ,regional     
,corporations1 & = o!r purposes4  #a4   
,%ort title  ,?is ,act may be cit$ z !  
,,ancsa ,fractional ,%>es ,consolidation
 ,act ( #bjag4  #b4 ,fractional %>es    
7a7 ,9 g5]al ,section #g7;h7 ( ! ,alaska
 ,native ,claims ,settlem5t ,act 7#dc   
,u4,s4,c4 #afjf7;h77 is am5d$-- 7#a7 9  
p>agraph 7#b77;,a71 by ins]t+ 1 subject 
to p>agraph 7#d7 aft] pursuant to       
applicable laws ( inte/ate succession2  
7#b7 by r$esignat+ p>agraph 7#d7 z      
p>agraph 7#e72 &  7#c7 by ins]t+ aft]   
p>agraph 7#c7 ! foll[+3  7#d7           
,fractional %>es  7,a7 ,9 g5]al ,not)/&+
 any ,/ate law reg>d+ fractional %>es1 a

 ,regional ,corporation is au?oriz$ to  
issue a full %>e ( any class ( /ock1 =  
no consid]ation1 9 ex*ange = a          
fractional %>e ( ! same class ( /ock1   
held by any %>ehold]1 z long z !        
,regional ,corporation ex*anges all     
fractional %>es ( a class ( /ock = full 
%>es ( ! same class ( /ock at ! same "t4
  7,b7 ,elim9ation ( fractional %>es ,a 
,regional ,corporation %all be au?oriz$1
 aft] tak+ ! action specifi$ 9          
subp>agraph 7,a7 = any class ( /ock1 to 
adopt1 by resolution ( ! bo>d (         
directors ( ! ,regional ,corporation1 a 
policy t provides = ! elim9ation (      
fractional %>es t w\ld result by w or ! 
laws ( inte/ate succession by--  7i7    
issu+ a full %>e 9 lieu ( any fractional
 %>e t w\ld o!rwise result f !          
application ( a w or ! inte/acy laws2 or
  7ii7 issu+ ! maximum numb] ( full %>es
 possible to ea* devisee or b5efici>y 9 
! mann] specifi$ 9 a w or "u !          
applicable inte/acy laws1 &1 if any %>es
 rema9 unissu$1 !n issu+ any su* rema9+ 

%>es z full %>es only1 9 accordance ) a 
process specifi$ 9 ! resolution t may   
reflect1 9 ! discretion ( ! bo>d (      
directors1 local cu/oms1 traditions1 &  
laws4  7,c7 ,no legal cause ( action ,no
 action tak5 by a ,regional ,corporation
 "u subp>agraph 7,a7 or 7,b7 %all       
provide a legal cause ( action to any   
%>ehold] ( ! ,regional ,corporation     
aga9/ ei!r ! ,regional ,corporation or  
its bo>d ( directors4  7,d7 ,preemption 
( ,/ate law ,! provisions ( ?is p>agraph
 %all preempt ,/ate law ) respect to    
fractional %>es ( ,regional             
,corporations4  4  7b7 ,con=m+ am5dm5t  
,section #h7;c7 ( ! ,alaska ,native     
,claims ,settlem5t ,act 7#dc ,u4,s4,c4  
#afjg7;c77 is am5d$ by /rik+ p>agraph   
7#d7 & ins]t+ p>agraph 7#e74